UBS reports marginal demand improvements for the iPhone 18, though China remains a significant headwind.
Wait times for Pro and Pro Max models increased week-over-week. This trend suggests demand outside of China is stabilizing to nearly flat levels compared to last year.
UBS maintained a Neutral rating on Apple stock with a price target of $296. This target implies a 13% downside from the recent closing price of $339.75. The bank remains cautious regarding the current product cycle due to persistent weakness in the Chinese market.